Wall Street tracked higher on Monday as investors shook off some earlier trepidation after the G7 leaders meeting to move into the green ahead of the closely watched Singapore summit and a busy week of central bank events, including the Federal Reserve meeting.
The blue-chip Dow Jones Industrial Average ended off the day's high but held on for a fourth straight gain to reach the highest level since late February. On the S&P 500, eight of the 11 sectors were rising while the Nasdaq Composite advanced as merger news supported price action across the benchmarks.
Sentiment was subdued early on after President Donald Trump lashed out via Twitter following a contentious G7 summit over the weekend that saw the US leader refuse to endorse a communique issued at the closing.
But stocks gained ground later ahead of the Trump meeting with North Korean leader Kim Jong Un Tuesday, and with central banks taking center stage this week, according to Stifel Economics. The Federal Open Market Committee is poised to raise its benchmark rate by 25 basis points at the end of its meeting Wednesday. The European Central Bank will meet on Thursday.
"While the Fed's next move is widely anticipated, European Central Bankers are keeping market participants on their toes wondering if policymakers will finally discuss an end to QE," Lindsey Piegza, Stifel's chief economist, said in a note, referring to quantitative easing, or the ECB's bond-buying program. The Bank of Japan meets Friday.
Mergers were in the headlines, driving Envision Healthcare ( EVHC ) up 2.3% after it was acquired by KKR ( KKR ) in a take-private deal. Rent-A-Center ( RCII ) was up 7.8% after receiving an increased acquisition offer after ending a strategic review. And USG ( USG ) rose 3.8% after German firm Knauf said it would acquire the building products maker for $7 billion.
Here's where the markets stood by the close:
Dow Jones Industrial Average was up 5.78 points (+0.02%)
S&P 500 was up 2.97 points (+0.11%)
Nasdaq Composite Index was up 14.41 points (+0.19%)
FTSE 100 was up 0.73%
Nikkei 225 was up 0.48%
Hang Seng Index was up 0.34%
Shanghai China Composite Index was down 0.48%
(+) NNDM (+100%) Granted certified Defense Department vendor status
(+) CORV (+48.08%) FDA approves resubmission NDA for Brinavess
(+) GNW (+26.38%) CIFUS OKs deal with China Oceanwide
(+) SRE (+15.54%) Says committed to open dialogue after hedge funds urge strategic review
(+) FIT (+14.72%) Citron sees stock doubling this year
(-) VICL (-26.38%) Phase 2 trial of genital herpes treatment did not meet primary endpoint
(-) ADNT (-15.57%) Lowered FY18 guidance and disclosed CEO resignation
(-) CRSP (-12.59%) Edited genes might cause cancer
(-) FBC (-5.4%) Launches secondary offering of 8 million shares of common stock
(-) MXL (-4.65%) Downgraded to neutral from buy at Roth Capital